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Lordstown - 3 Karma - 3 Mary Walrath - 2 Walrath - 2 Foxconn - 2 Dietrich Knauth - 2 Dado Ruvic - 1 Taiwan's Foxconn - 1
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4 mentions found


☆ Bankrupt Lordstown Motors reaches $40 million settlement with Karma Automotive
  + stars: | 2023-08-15 | by ( ) www.reuters.com   time to read: +1 min
Lordstown Motors and Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoAug 15 (Reuters) - Lordstown Motors said on Tuesday it had reached a $40-million settlement with Karma Automotive over a 2020 lawsuit in which the now-bankrupt electric vehicle firm was accused of stealing proprietary technology. The settlement, placed with the bankruptcy court for approval, involves $5 million to be paid as royalty for the use of Karma's intellectual property, which Lordstown was accused of having misappropriated. That case was scheduled for trial in September before being placed on hold by Lordstown's bankruptcy. In case the settlement is not approved and the case goes to trial, Lordstown will continue to defend against Karma's claims, the filing added.
Persons: Dado Ruvic, Lordstown, Karma, Taiwan's Foxconn, Karma's, Yuvraj Malik, Shweta Agarwal Organizations: Lordstown Motors, REUTERS, Karma Automotive, Thomson Locations: . California, Bengaluru
☆ Lordstown Motors stalls on the road to a quick bankruptcy sale
  + stars: | 2023-07-27 | by ( Dietrich Knauth | ) www.reuters.com   time to read: +2 min
[1/2] A Lordstown Motors Endurance electric pick-up truck is seen on display at Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. REUTERS/Quinn Glabicki/File PhotoNEW YORK, July 27 (Reuters) - Bankrupt Lordstown Motors (RIDEQ.PK) must face trial over a rival carmaker's claim that Lordstown vehicles include stolen technology, a U.S. judge ruled Thursday, dealing a blow to the company's hopes for a quick bankruptcy sale. California-based Karma Automotive sued Lordstown in 2020 for allegedly poaching its employees and stealing technology used in vehicle infotainment systems. "The California court ... should decide those issues." Walrath allowed Karma to proceed to trial on its claims against Lordstown, overruling bankruptcy protections that typically pause lawsuits against bankrupt companies.
Persons: Quinn Glabicki, Mary Walrath, Walrath, Lordstown, Karma, Lordstown's, Foxconn, Dietrich Knauth, Bill Berkrot Organizations: REUTERS, Lordstown Motors, U.S, Karma Automotive, Lordstown, Thomson Locations: Lordstown , Ohio, U.S, Ohio, Wilmington , Delaware, California, . California
☆ EV maker Lordstown Motors begins bankruptcy embroiled in disputes
  + stars: | 2023-06-28 | by ( Dietrich Knauth | ) www.reuters.com   time to read: +3 min
[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 28 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) began its bankruptcy case embroiled in litigation, laying out disputes with estranged partner Foxconn, rival electric vehicle manufacturer Karma Automotive, the U.S. Securities and Exchange Commission and several investor groups during its first court appearance. Lordstown has alleged that Foxconn broke its promises to invest $170 million in Lordstown and collaborate with the company on vehicle development plans. Lordstown had struggled with higher-than-expected costs, production shortfalls, and litigation risk well before Foxconn agreed to purchase Lordstown's Ohio manufacturing vehicle center in 2021, Murphy said. Several investor groups have also brought claims against Lordstown, alleging that the electric truck startup misled consumers and investors.
Persons: Rebecca Cook, Foxconn, Lordstown, Thomas Lauria, Mary Walrath, Lauria, Walrath, Matthew Murphy, Murphy, Karma, James Sowka, Dietrich Knauth, Stephen Coates Organizations: REUTERS, Lordstown Motors, Karma Automotive, U.S . Securities, Exchange Commission, Taiwan's, U.S . Securities & Exchange, Lordstown, SEC, General, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Wilmington , Delaware, Delaware, Ohio, Foxconn, Delaware and Ohio, California
☆ Lack of electric vans opens door for Chinese, other EV makers
  + stars: | 2023-04-13 | by ( Nick Carey | ) www.reuters.com   time to read: +7 min
[1/3] Tristan Thomas, CEO of Packfleet, demonstrates charging an electric van made by Chinese brand Maxus at the fully-electric package delivery firm's headquarters in London, Britain, October 27, 2022. Packfleet grew tenfold in 2022 and CEO Tristan Thomas said most of the company's 53-vehicle fleet are Maxus vans. SAIC said it sold 18,000 mostly electric Maxus brand vehicles in Western Europe and Scandinavia last year, including buses and pickup trucks. Fleet manager Sean Clifton has 50 additional Ford vans and 20 Maxus vans on order, but will need more soon as Asda electrifies its 1,300 delivery vans. There is no difference in delays for conventional and electric vans at Renault, said commercial vehicle marketing director John Cleworth.
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